CORRECTION FROM SOURCE - DLP Resources Inc.

Rhea-AI Summary

DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) has released corrected results for drillhole A24-015 on its Aurora porphyry copper-molybdenum-silver project in southern Peru. The hole intersected 0.19% CuEq over 966.50m, including 0.41% CuEq over 431.00m and 0.70% CuEq over 179.50m. This step-out hole extends copper mineralization 220m east-southeast of the previous drill hole. The company is currently drilling two more holes in the east-northeast zone and expects further results in August. The Aurora Project is an advanced stage exploration project with significant historical drill results, including 190m @ 0.57% Cu, 0.008% Mo in a previous hole.

Positive

• Drillhole A24-015 intersected 0.19% CuEq over 966.50m, expanding the mineralization footprint
• High-grade interval of 0.70% CuEq over 179.50m from 793.00m to 972.50m
• Continuous mineralization throughout the hole, ending in molybdenum mineralization
• Two additional drill rigs currently operating, with results expected in August
• Historical drilling results show potential for high-grade copper and molybdenum mineralization

Negative

• Core recovery was below 50% in some intervals due to faulting
• The project is still at an early stage of exploration
• Drilling data is currently insufficient to determine true width of mineralization

In a news release issued July 16, 2024 by DLP Resources Inc., please note that certain of the highlighted mineralized intervals of drillhole A24-015 listed under the heading "Highlights" were erroneously stated. The correct figures are as follows (changes underlined):

• 0.19% CuEq* over 966.50m (0.13% Cu, 0.0084% Mo and 1.43g/t Ag) from 6.00m to 972.50m.
• 0.31% CuEq* over 32.00m (0.27% Cu, 0.0021% Mo and 3.62g/t Ag) from 36.00m to 68.00m.
• 0.41% CuEq* over 431.00m (0.20% Cu, 0.0388% Mo and 1.75g/t Ag) from 362.00m to 793.00m.
• 0.70% CuEq* over 179.50m (0.05% Cu, 0.1244% Mo and 0.50g/t Ag) from 793.00m to 972.50m.

In addition, in Figure 3, the word "geological" has been removed from the figure description, with the molybdenum values shown on the left of the drillhole graphic and the copper values shown within the drillhole graphic.

No other changes were required in the body or the tables, and the full release follows below:

DLP Resources intersects 431m of 0.41% CuEq* on the Aurora Project in Southern Peru.

Cranbrook, British Columbia--(Newsfile Corp. - July 16, 2024) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) ("DLP" or the "Company") announces receipt of complete drill results for drillhole A24-015 on the Aurora porphyry copper-molybdenum-silver project in southern Peru. (Figure 1).

Results for the first fourteen drillholes, A22-001, A22-002, A22-003, A23-004, A23-005, A23-006, A23-007, A23-008, A23-009, A23-010, A23-011, A23-012, A23-013 and A24-014 were last released on January 04, 2024 and June 25^th, 2024 (see DLP Resources Inc., news release of January 04, 2024 and June 25, 2024 for results for the previous fourteen drillholes).

Highlights

Drillhole A24-015 was drilled approximately 220m east-southeast of drillhole A24-014 and intersected copper-molybdenum and silver mineralization throughout the hole to a depth of 793.00m. From 793.00m to end of hole at 972.50m molybdenum mineralization was intersected at the contact of the hornfels and early quartz-eye-feldspar-biotite porphyry. A24-015 ended in molybdenum mineralization and the most significant mineralized intervals included:

• 0.19% CuEq* over 966.50m (0.13% Cu, 0.0084% Mo and 1.43g/t Ag) from 6.00m to 972.50m.
• 0.31% CuEq* over 32.00m (0.27% Cu, 0.0021% Mo and 3.62g/t Ag) from 36.00m to 68.00m.
• 0.41% CuEq* over 431.00m (0.20% Cu, 0.0388% Mo and 1.75g/t Ag) from 362.00m to 793.00m.
• 0.70% CuEq* over 179.50m (0.05% Cu, 0.1244% Mo and 0.50g/t Ag) from 793.00m to 972.50m.

The complete set of results for A24-015 are summarized in Table 1 below.

Mr. Gendall, President and CEO, commented: "A24-015 was the first step-out hole to the east to extend copper mineralization another 220m east-southeast of A24-014. We continue to expand the footprint of copper-molybdenum and silver mineralization at Aurora and have two drill rigs currently drilling A24-016 and A24-017 in this east-northeast zone. We look forward to receiving further results in August."

Aurora Cu-Mo Project - Summary of Drill Results for A24-015

• Drill hole A24-015 (Figures 2 and 3) commenced on May 23 on an azimuth of 245 degrees with an inclination of -70 degrees and ended on June 17 at 972.50m due to faulting in the hole. Summary geology is as follows:
  • 0 - 6.00m: Leached hornfels.
  • 6.00m -36.00m: Partially leached zone of hornfels.
  • 36.00m - 68.00m: Mineralized hornfels with chalcopyrite, chalcocite and covellite - weak enrichment zone.
  • 68.00m - 362.00m: Mineralized hornfels with disseminated and veined sulphides of chalcopyrite, pyrite, pyrrhotite and minor molybdenum.
  • 362.00 - 734.35m: Mineralized hornfels with intermineral porphyry from 435.10m to 447.00m and occasional E-type veins with chalcopyrite, sphalerite, pyrite and galena.
  • 734.00 - 972.50m: Molybdenum mineralized intermineral and early quartz-eye-feldspar-biotite porphyry with minor chalcopyrite and faulting at 957.00 to 972.50m. End of hole on June 17, 2024.

Table 1. Summary of Drill Results for Diamond Drillhole A24-015. All grades are length-weighted averages of samples within the interval reported.

Hole	From	To	Interval1	Description	Cu (total)	Mo	Ag	Cueq*
ID	m	m	m		%	%	g/t	%
A24-015	0.00	6.00m	6.00m	Leached Hornfels	0.05	0.0031	0.90	0.07
	6.00	972.50	966.50	Mineralized hornfels and porphyry	0.13	0.0084	1.43	0.19
Includes	6.00	36.00	36.00	Partially leached zone within hornfels	0.13	0.0030	1.00	0.15
Includes	36.00	68.00	32.00	Hornfels with copper enrichment	0.27	0.0021	3.62	0.31
Includes	68.00	362.00	294.00	Mineralized hornfels	0.08	0.0023	0.70	0.10
Includes	362.00	793.00	431.00	Mineralized hornfels with early and intermineral quartz-eye-feldspar-biotite porphyry	0.20	0.0388	1.75	0.41
Includes	793.00	972.50	179.50	Mineralized early quartz-eye-feldspar-biotite porphyry	0.05	0.1244	0.50	0.70

 

Note: *Copper equivalent grades (CuEq) are for comparative purposes only. Mo, Cu and Ag values are uncut, and core recovery is assumed to be 100% for the entire drilled length of A24-015 except for intervals from 10.00m to 12.00m, 86.00m to 90.00m, 118.00m to 120.00m, 957.00m to 961.00m, 967.00m to 969.00m and 971.00m to 972.50m where core recovery was below 50% due to faulting. The project is at an early stage of exploration and conceptual recoveries of Cu 85%, Mo 82%, and Ag 75% are assigned to the CuEq calculations. Conversion of metals to an equivalent copper grade based on these metal prices is relative to the copper price per unit mass factored by conceptual recoveries for those metals normalized to the conceptualized copper recovery. The metal equivalencies for each metal are added to the copper grade. The formula for this is: CuEq % = Cu% + (Mo% * (Mo recovery / Cu recovery) * (Mo $ per lb / Cu $ per lb) + (Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz/ 31.1034768) / (Cu $ per lb* 22.04623)).

*Copper equivalent calculations use metal prices of Cu - US$3.34/lb, Mo - US$18/lb and Ag - US$21.87/oz.

¹ Intervals are downhole drilled core lengths. Drilling data to date is insufficient to determine true width of mineralization. Mo, Cu and Ag values are uncut.

Table 2: A24-015 Diamond drillhole location, depth, orientation and inclination.

Hole	Easting	Northing	Elevation	Length	Azimuth	Inclination
ID	m	m	m	m	Degrees	Degrees
A24-015	190,326	8,566,022	2856	972.50	245	-70

 

Co-ordinates are in WGS84 Zone 19S.

Quality Control and Quality Assurance

DLP Resources Peru S.A.C, a subsidiary of DLP Resources Inc., supervises drilling and carries out sampling of HTW, NTW and BTW core. Logging and sampling are completed at a secured Company facility situated on the project site. Sample intervals are nominally 1m to 3m in length. Drill core is cut in half using a rotary diamond blade saw and samples are sealed on site before transportation to the ALS Peru S.A.C. sample preparation facility in Arequipa by Company vehicles and staff. Prepared samples are sent to Lima by ALS Peru S.A.C. for analysis. ALS Peru S.A.C. is an independent laboratory. Samples are analyzed for 48 elements using a four-acid digestion and ICP-MS analysis (ME-MS61). In addition, sequential copper analyses are done where secondary copper mineralization is observed and reports, soluble copper using sulphuric acid leach, soluble copper in cyanide leach, residual copper and total copper. ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures.

DLP Resources independently monitors quality control and quality assurance ("QA/QC") through a program that includes the insertion of blind certified reference materials (standards), blanks and pulp duplicate samples. The company is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported from 0m to 972.50m in A24-015 except for intervals from 10.00m to 12.00m, 86.00m to 90.00m, 118.00m to 120.00m, 957.00m to 961.00m, 967.00m to 969.00m and 971.00m to 972.50m where core recovery was below 50% due to faulting.

Aurora Project

Aurora Project is an advanced stage porphyry copper-molybdenum exploration project in the Province of Calca, SE Peru (Figure 1). The Aurora Project was previously permitted for drilling in 2015 but was never executed. Thirteen historical drillholes, drilled in 2001 and 2005 totaling 3,900m were drilled over an area of approximately 1000m by 800m, cut significant intervals of copper and molybdenum mineralization. From logging of the only three remaining holes DDA-01, DDA-3A and DDA-3 and data now available, it appears that only three of the thirteen holes tested the enriched copper zone and only one hole drilled deep enough to test the primary copper and molybdenum zone (see DLP Resources Inc. news release of May 18, 2021).

Salient historic drillhole data of the Aurora Project are:

• 190m @ 0.57% Cu, 0.008% Mo in DDA-1 with a high-grade intercept of 20m @ 1.01% Cu related to a supergene enrichment zone of secondary chalcocite;

• 142m @ 0.5% Cu, 0.004% Mo in DDA-3;

• 71.7m @ 0.7% Cu, 0.007% Mo in DDA-3A (see historical Focus Ventures Ltd. news release July 11, 2012); and

• One of the historical holes ABC-6 drilled on the edge of the system intersected 78m @ 0.45% Cu and 0.107% Mo (Figure 2).

A review of the historical drilling indicates that the majority of the thirteen holes were drilled in the leached and partially leached zones of the porphyry system. Ten of the thirteen holes never fully tested the oxide and secondary enrichment zone and/or the primary copper zone at depth encountered in DDA-01. Copper-molybdenum mineralization is hosted by quartz-feldspar porphyries intruded into slates-hornfels and pelitic sandstones belonging to the Ordovician (439 - 463 ma) Sandia Formation.

Figure 1: DLP Project areas in Peru with Aurora Project Shown.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6456/216790_102c0af0a456dbaf_001full.jpg

Figure 2: Aurora Project - Plan view showing historic drilling and drilling by DLP in 2022-2023 with A24-015 in yellow and proposed holes in red lettering. Blue = Mo >500ppm and Brown = Cu>0.2%.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6456/216790_102c0af0a456dbaf_002full.jpg

Figure 3: Aurora Project - Simplified SW-NE section showing DLP and historic drillholes. Mo is on the left and the Cu is within the drillhole column.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6456/216790_102c0af0a456dbaf_003full.jpg

Qualified Person

David L. Pighin, consulting geologist and co-founder of DLP Resources, is the qualified person of the Company as defined by National Instrument 43-101. Mr. Pighin has reviewed and approved the technical contents of this news release.

About DLP Resources Inc.

DLP Resources Inc. is a mineral exploration company operating in Southeastern British Columbia and Peru, exploring for Base Metals and Cobalt. DLP is listed on the TSX-V, trading symbol DLP and on the OTCQB, trading symbol DLPRF. Please refer to our web site www.dlpresourcesinc.com for additional information.

FOR FURTHER INFORMATION PLEASE CONTACT:

DLP RESOURCES INC.
Ian Gendall, CEO & President
Jim Stypula, Executive Chairman
Robin Sudo, Corporate Secretary and Land Manager
Maxwell Reinhart, Investor Relations
Telephone: 250-426-7808
Email: iangendall@dlpresourcesinc.com
Email: jimstypula@dlpresourcesinc.com
Email: robinsudo@dlpresourcesinc.com
Email: maxreinhart@dlpresourcesinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to drilling on the Aurora Project in Peru.

These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things drill results expected from the Aurora Project in Peru.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216790

FAQ

What were the key results from DLP Resources' drillhole A24-015 on the Aurora project?

Drillhole A24-015 intersected 0.19% CuEq over 966.50m, including 0.41% CuEq over 431.00m and 0.70% CuEq over 179.50m, extending copper mineralization 220m east-southeast of the previous drill hole.

When does DLP Resources (DLPRF) expect to receive further drilling results from the Aurora project?

DLP Resources expects to receive further drilling results from the Aurora project in August 2024, as they currently have two drill rigs operating on additional holes in the east-northeast zone.

What historical drilling results support the potential of DLP Resources' Aurora project?

Historical drilling at the Aurora project includes significant results such as 190m @ 0.57% Cu, 0.008% Mo in DDA-1, and 142m @ 0.5% Cu, 0.004% Mo in DDA-3, indicating potential for high-grade copper and molybdenum mineralization.

How does DLP Resources (DLPRF) ensure quality control in their drilling program at Aurora?

DLP Resources implements a QA/QC program that includes the insertion of blind certified reference materials, blanks, and pulp duplicate samples. They also use an independent laboratory, ALS Peru S.A.C., for sample analysis.